Bitcoin surged to $108,000 on June 9, driven by positive market sentiment following US-China trade talks and bullish equity forecasts. On the same day, a newly created crypto wallet placed a notably large leveraged bet on Bitcoin.
The wallet, identified as “0x1f25,” received $10 million in USDC stablecoin and opened a 511.5 BTC position on the decentralized exchange Hyperliquid, using 20x cross-margin leverage. The entry price was $106,538, with a liquidation price at $88,141. The position currently shows a paper profit of over $11,000.
Market observers suggest the trader behind this wallet may be James Wynn, a prominent Hyperliquid trader known for high-leverage trades. Wynn suffered significant losses earlier this month—$99.3 million and $25 million—from liquidations when Bitcoin prices dropped below $105,000. Despite these losses, Wynn continues to take aggressive leveraged positions similar to the recent $54.5 million long.
The Bitcoin rally coincides with trade negotiations between the US and China in London, where the US signaled a willingness to ease technology export restrictions in exchange for better access to rare earth materials. This diplomatic progress has also strengthened US equities, with JPMorgan and Citigroup raising year-end targets for the S&P 500. Goldman Sachs noted an increasingly optimistic growth outlook supporting gains across markets, including crypto.
Analyst Ted Pillows predicts Bitcoin will break its all-time high of about $110,000 within one to two weeks, following patterns seen recently in gold and the S&P 500. Some forecasts suggest Bitcoin could surpass $150,000 by the end of the year, which would significantly increase profits for leveraged traders.
This article does not offer investment advice. Trading and investment involve risks, and readers should perform their own research before making decisions.